(AFP Photo)
Correction:
Investment Minister Ashraf Salman estimated the size of Deutsche Bank’s Africa investment fund in Egypt to be worth $35m, operating through investment funds in the Egyptian stock exchange as indirect investments. Deutsche Bank’s total Africa investment fund is worth $150 million.
During a meeting on Sunday held between Salman and Investment Funds and Africa Fund Manager at Deutsche Bank Sebastian Caulfield, the minister said that the meeting comes within ministry efforts to attract investments to the Egyptian Exchange. Germany hoped to familiarise itself further with the current situation of the Egyptian economy as well as the government’s plan to improve the investment climate in the next phase.
The Ministry of Investment said in a press release issued on Monday that Deutsche Bank seeks to maximise the returns through investments, not through providing grants.
According to the ministry statement, Caufield said that the bank is interested in following up all investment currently being undertaken in Egypt in the areas of new and renewable energy, roads, and the Suez Canal axis.
Salman said: “Our vision as a government is to offer the special economic zones system as a chain of integrated projects in order to attract international corporations, maximise benefits, and increase the rate of capital turnover.”
